black money - Page 10

Steps for Curbing Black Money stashed abroad Lead Positive Results

The Government of India has taken various steps for curbing the black money stashed abroad, which have led to positive results. These steps include, inter alia, the following: 1. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Infor...

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Posted Under: Income Tax |

Prompt investigation in fresh series of cases pertaining to ‘Panama Papers’

The fresh release made in the media today under ‘Panama Paper Leaks’ is being promptly looked into by the law enforcement agencies under the aegis of the Multi Agency Group (MAG) already constituted for facilitating coordinated and speedy investigation. ...

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Posted Under: Income Tax |

Know When to Say No To Cash Transaction

ACCEPT cash of Rs. 2,00,000 or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion RECEIVE OR REPAY Rs. 20,000 or more in cash for transfer of Immovable Property PAY more than MAO in cash relating to expenditure of business/profession...

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Posted Under: Income Tax |

Benami Transaction and Sham Transactions

Prohibition of Benami Property Transactions Act, 1988, an act promulgated to prevent and prohibit Benami transactions in India on 5th September, 1988. The Act, 1988 has only 9 Sections and not so effective, while preventing and prohibiting Benami Transactions. The Act, 1988 previously called The Benami Transactions (Prohibition) Act, 1988...

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Posted Under: Income Tax |

Income Tax Informants Reward Scheme, 2018 with higher reward

Under the Income Tax Informants Reward Scheme, 2018 a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 19...

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Posted Under: Income Tax |

Foreigners also eligible for reward under Benami Transactions Informants Reward Scheme, 2018

It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns. ...

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Posted Under: Income Tax |

Delhi HC Judgment on adjustment of Advance Tax under PMGK Scheme, 2016 and other issues

Virag Tiwari Vs. Principal Commissioner Of Income Tax-21 & Others (Delhi High Court)

Virag Tiwari Vs. Principal CIT & Others (Delhi High Court) In the present case we perceive that an equitable resolution is possible on interpretation of the provisions without undermining the object and purpose behind the Amendment Act. Thus while we have rejected the argument that advance tax of Rs. 85,50,000/- can treated as payment...

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RTI Seeking date of deposit of Rs. 15L In Citizens’ Accounts is not ‘Information’

Sh. Mohan Kumar Sharma Vs Central Public Information Officer (Central Information Commission)

It is held that information sought regarding date of deposit of Rs. 15 Lakhs in the account of each citizen as promised by PM Narendra Modi and how print media houses came to know before the announcement of PM Narendra Modi about the demonetisation, etc. of the RTI application does not fall under the definition of ‘information’ as per...

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How to deal with info under Benami Transactions Informants Reward Scheme, 2018

F.No. 299/31/2017/Dir (Inv.III)/21 (23/04/2018)

CBDT has released Guidelines for Departmental officers for dealing with information under the Benami Transactions Informants Reward Scheme, 2018, which is as follows:-...

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Income Tax Informants Rewards Scheme, 2018: Reward up to Rs. 5 crore

F.No. 292/62/2012-IT (Inv.III)/26 (23/04/2018)

Under Income Tax Informants Reward Scheme, 2018 A person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential....

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June 2020